Office Building with Ocean
For Sale
$579,000
242 W Olive Street, Newport, OR 97365
Two-level office building with separate metering, reception areas, offices, break rooms, and HVAC for each level.
Property Size2,295 SF
Price / SF$252.29
Days on Market1179
Property Features for 242 W Olive Street
General Information
Standard status
Active
Size
2,295 SF
Property subtype
Commercial
Additional Details
Office Units
6
Building Details
Building Size
2,295 SF
Year Built
1957
Stories
2
Listing Agency:
Taylor & Taylor Realty Company
(541) 994-4169
Listed By:
Dennis M Regen · License #810604051
(541) 994-4169
Source:
Martekrealestate
Added: May 9, 2023
Changed: Jul 25
Last Checked: Jul 30 at 12:38PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Taylor & Taylor Realty Company
Investment Insights
Based on property information with market context.
This two-level office building totals 2,295 square feet and is configured with reception areas, multiple offices, kitchen-break rooms, and bathrooms on both the main and upper levels. Each level has separate metering and is served by a F/A gas furnace and heat pump with air-conditioning.
Located in a high-traffic area of Newport, the property is described as offering ocean views. It is shown by appointment only.
The sale requires the buyer to agree to a mandatory leaseback for 48 months to the seller.
Located in a high-traffic area of Newport, the property is described as offering ocean views. It is shown by appointment only.
The sale requires the buyer to agree to a mandatory leaseback for 48 months to the seller.
Key Highlights
- Two‑level office building totaling 2,295 SF with separate reception areas, offices, and break rooms on each level
- Main level layout includes reception, 4 offices, kitchen/break room, and bathroom
- Upper level layout includes reception, 2 offices, kitchen/break room, and second bathroom
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $61.1k | $26.64 |
| − Vacancy | −$14.1k | −$6.13 |
| EGI | $47.1k | $20.51 |
| − OpEx | −$11.8k | −$5.13 |
| NOI | $35.3k | $15.38 |
2,295 SF · lease $26.64/SF/yr · vacancy 23.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$504.4K
$441.4K – $588.5K
NOI $35,308 @ 7.0% cap · market cap 6.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$598.6K
$523.8K – $698.4K
NOI $41,903 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Office units
Location Intelligence
Trade Area within ½ mile
1,234
Businesses Nearby
Explore this area
Business Placement
Demographics for 97365, OR
10,806
Population
6,026
Households
1.8
Avg Household Size
47
Median Age
31%
College-Educated
91%
High-School Grad
41.5 sq mi
ZIP Area
260
Density / Sq Mi
$60,736
Median Household Income
$30,963
Median Earnings
$1,155
Median Rent
$418,500
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-level office building with separate metering, reception areas, offices, break rooms, and HVAC for each level.
Where is this office building located?
The property is located at 242 W Olive Street Newport, OR.
What is the asking price?
The asking price for this property is $579,000.
What are key features of this property?
This property features: Two‑level office building totaling 2,295 SF with separate reception areas, offices, and break rooms on each level; Main level layout includes reception, 4 offices, kitchen/break room, and bathroom; Upper level layout includes reception, 2 offices, kitchen/break room, and second bathroom
